The cryptocurrency market remains mixed, with Bitcoin (BTC) struggling to hold above the $19,000 level. At the time of writing this article, Bitcoin was trading at $19,024.46, an increase of 0.9% in the last 24 hours. Ether (ETH) was trading at $591.54, down 0.4% in the same period. XRP was trading at $0.6206, representing a gain of 0.3%.
Major altcoins which have gained ground in the past 24 hours include Tether (USDT-$0.9998, 0.1%), ChainLink (LINK-$13.85, 2.6%), Dash (DASH-$105.92, 1.7%), Tezos (XTZ-$2.40, 1.6%), Polkadot (DOT-$5.39, 3.8%), EOS (EOS-$3.05, 0.4%), IOTA (IOTA-$0.3423, 3.7%), Tron (TRX-$0.0311, 2.1%), Stellar (XLM-$0.1822, -0.8%), Cosmos (ATOM, $5.45, 2%), and Cardano (ADA-$0.1578, 0.5%).
Major altcoins which have lost ground in the past 24 hours include USD Coin (USDC-$0.9982, -0.1%), Bitcoin Cash (BCH-$290.96, -0.3%), Binance Coin (BNB-$30.13, -0.5%), Bitcoin SV (BSV-$169.81, -0.4%) and Monero (XMR-$127.27, -0.6%).
Government level initiatives
Venezuelan government still dependant on cryptos for solvency
The Venezuelan government, headed by Nicolás Maduro, continues to depend on cryptocurrency to remain solvent. Through Instagram, an engineering division of the Venezuelan army launched the “Digital Assets Production Center of the Bolivarian Army of Venezuela.” The military has also posted a video showing the installed ASIC hardware used for mining Bitcoin.
The mining facility was inaugurated by General Lenin Herrera. The general revealed that the aim of the mining operation is “strengthening and self-sustainability of our units of the Bolivarian Army.” He further stated that the mining facility would generate “unblockable sources of income.” The country continues to see record-high inflation in the last few months due to a steep decline in oil prices and the outbreak of the COVID-19 pandemic.
Sberbank to launch a native crypto token
Russian government-backed Sberbank intends to introduce a native crypto token after the implementation of the Digital Financial Assets (DFA) law governing cryptos next year. Additionally, the bank is also contemplating the launch of a blockchain platform for cryptocurrency trading.
The news was revealed by Herman Gref, the CEO and chairman of Sberbank. With more than 96 million customers, Sberbank is the largest bank in the country. The DFA law prohibits several crypto activities but allows dealing in stablecoins pegged to the ruble.
Private sector initiatives
Sygnum Bank introduces a security token platform
The Switzerland headquartered Sygnum Bank has rolled out its security token platform. The crypto bank, licensed in Singapore and Switzerland, has two blockchain-powered platforms: Desygnate for issuing ‘bank-grade’ tokens and Sygnex for crypto asset trading. It is not the foremost security token platform, but the first bank to facilitate tokenization on an end-to-end basis.
Sygnum highlights the usual platform benefits such as fractional ownership through tokenization, a simple transfer process, and better liquidity for investments that lack liquidity. The platform also brings down costs of capital access by SMEs. It also intends to pave the way for settlement using stablecoins pegged to the Swiss Franc.
Multiple issuers are already queuing up to start using Sygnum’s platform. This includes venture capital, real estate, mid-cap, and collectibles, including fine wine and art. The token issue is expected to begin soon, with secondary trading intended at the beginning of 2021. SBI is the highest-profile issuer.
Du and Dubai Civil Defense join forces to offer blockchain services
UAE based telecom enterprise Du has entered into a collaboration with Dubai Civil Defense to offer blockchain services. The government department is not only known for administering the fire control service but also conducts safety audits and handles disaster relief.
Du is also referred to as the Emirates Integrated Telecommunications Company (EITC). The UAE government, Dubai Holding, sovereign wealth fund Mubadala, and public shareholders are joint owners of the UAE government. The company has over 8 million individual customers and 80,000 corporate customers.
Du’s Blockchain Edge is used to automate business processes, info distribution, and payment settlement. The telecom firm claims that it will cut costs. The platform will be embedded in the country’s blockchain-powered Unified Business Registry Platform (UBRP), possibly for delivering licenses and inspection certification certificates.
Du is also involved in the UBRP blockchain venture as it is implemented on the Dubai Pulse platform, which Du built in collaboration with Smart Dubai. Four government organizations, including the Dubai Electricity & Water Authority, have already embedded the application.
Miscellaneous
Libra project renamed to Diem Association
The Facebook-backed stablecoin Libra project, which faced regulatory cynicism, has amended its name as Diem Association. The change in name is seen as a PR tactic as the involvement of Facebook in the stablecoin project turned out to be controversial.
Diem is a Latin word, which means “day,” popular for its use in the phrase “Carpe diem.”
The association subtly explained the need for changing the name in its official statement: “Now transitioning to the name ‘Diem,’ which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world.”
The association also unveiled its new logo made up of three horizontal purple swooshes followed by brand name in lower case.
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